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150 legislators take part in Maine Annual CU Day

AUGUSTA, Maine (3/26/14)--It was one of the largest turnouts in years: Nearly 100 representatives of credit unions mixed and mingled with 150 members of the Maine Legislature during Maine's Annual Credit Union Day at the State House last week.

John Murphy, president of the Maine Credit Union League; Rep. Ken Fredette (R-Newport); House minority leader and a credit union board member; and Kyle Casburn, president/CEO of Seaboard FCU and a member of the league board, share a laugh at Credit Union Day at the State House in Augusta.

Hosted by the Maine Credit Union League at the Hall of Flags, more than 637,000 credit union members from all regions of the state were represented by the credit union folks on hand.

"Credit Union Day at the State House is about relationships, and it provides an opportunity to connect local credit unions with their own legislators," said MCUL President/CEO John Murphy. "The feedback from legislators was one of appreciation.... It was nice to hear legislator after legislator remark how important credit unions are to their communities across the state."

The event also provided credit union leaders an opportunity to voice support for "patent troll" legislation which has already passed the state Senate. Credit unions and the state league now are looking for the measure in the House.

The bill would curb unfair and deceptive practices of Patent Assertion Entities--sometimes called "trolls"--and others that sue for patent rights, often in an attempt to force companies to settle out of court. The state bill would save credit unions and other businesses time and money deciphering and responding to patent troll demand letters. The Credit Union National Association supports similar legislation at the federal level.

Also at Credit Union Day, state legislators came together last week to pass a joint resolution that formally recognizes credit unions and their role in supporting consumers in Maine through the financial services they provide, including financial education and other philanthropic work.